Distribution Finance Capital Holdings plc (“DF Capital” or the “Company”, together with its subsidiaries the “Group”) has announced its audited results for the year ended 31 December 2024, revealing a year of substantial growth and profitability well ahead of initial expectations.
The specialist bank, which provides working capital solutions to dealers and manufacturers across the UK, reported a profit before tax of £19.1 million, more than four times the £4.6 million recorded in 2023. The result includes a £4.7 million write-back of a provision made the previous year. Basic earnings per share rose sharply to 7.8 pence, up from 1.8 pence in 2023—a 338% increase.
DF Capital continued its strong momentum with £1.44 billion in new loans advanced to customers over the year, a 20% increase from 2023. This contributed to a record year-end loan book of £666 million, up 15% year-on-year. The number of dealer customers also grew by 13% to 1,334.
Gross revenue rose 27% to £76.8 million, while net income reached £45.6 million, up from £38.0 million the previous year. The company also delivered a notable improvement in credit risk performance, with a cost of risk recorded at -4 basis points—down significantly from 228 basis points in 2023. Arrears remained low, with just 33 dealers in recovery processes, representing less than 3% of the customer base.
Retail deposits increased by £75 million over the year, reaching £650 million held across more than 15,600 savings accounts. Tangible net asset value per share also rose by 15%, from 55.6 pence to 63.8 pence, further strengthening the company’s financial position.
Carl D’Ammassa, Chief Executive of DF Capital, commented: “2024 was another year of significant progress for the Group, marking our third consecutive year of profit growth since our authorisation in 2020.
“This year, we have continued to scale the bank in our core inventory finance lending space, whilst also making investments in new products and services, bringing to life our ambitions to become a multi-product lender. I am incredibly proud of the team and the products we are bringing to life for our customers. We have an exciting journey ahead of us.”
The Group also noted ongoing diversification of its product offerings and entry into new end markets as part of its long-term growth strategy, all achieved without the need for a dilutive capital raise.
